Definitive Analysis
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Definitive Analysis

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Sector

Brown & Brown, Inc. (BRO)

Company Dividend Discount ModelIndustry: Insurance - BrokersSector: Financial Services

Valuation Snapshot

Stable Growth$214.94 - $665.58$623.75
Multi-Stage$88.39 - $96.79$92.52
Blended Fair Value$358.13
Current Price$93.79
Upside281.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.01%10.01%0.520.450.400.360.340.310.280.260.240.21
YoY Growth--14.07%12.50%11.94%6.56%10.13%7.86%8.98%10.60%9.60%8.05%
Dividend Yield--0.41%0.52%0.70%0.50%0.74%0.84%0.95%1.02%1.13%1.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)999.00
(-) Cash Dividends Paid (M)180.00
(=) Cash Retained (M)819.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)199.80124.8874.93
Cash Retained (M)819.00819.00819.00
(-) Cash Required (M)-199.80-124.88-74.93
(=) Excess Retained (M)619.20694.13744.08
(/) Shares Outstanding (M)298.50298.50298.50
(=) Excess Retained per Share2.072.332.49
LTM Dividend per Share0.600.600.60
(+) Excess Retained per Share2.072.332.49
(=) Adjusted Dividend2.682.933.10
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Fair Value$214.94$623.75$665.58
Upside / Downside129.17%565.05%609.65%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)999.001,063.941,133.091,206.741,285.181,368.721,409.78
Payout Ratio18.02%32.41%46.81%61.21%75.60%90.00%92.50%
Projected Dividends (M)180.00344.87530.41738.61971.641,231.841,304.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)319.84322.87325.90
Year 2 PV (M)456.20464.89473.66
Year 3 PV (M)589.17606.08623.31
Year 4 PV (M)718.79746.43774.87
Year 5 PV (M)845.14885.96928.34
PV of Terminal Value (M)23,456.5824,589.5425,765.87
Equity Value (M)26,385.7127,615.7728,891.95
Shares Outstanding (M)298.50298.50298.50
Fair Value$88.39$92.52$96.79
Upside / Downside-5.75%-1.36%3.20%

High-Yield Dividend Screener

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